Saw on Facebook that UKIP would scrap this altogether, didn't know that till today. Came across this information on a discussion about Tony Benn managing to sort his affairs out so that his beneficiaries paid almost no inheritance tax on his £5m fortune. Not sure I agree with getting rid of this tax as it is one little thing which helps put the brakes on "the haves" buying up everything making it impossible for the young/not so young to get on the property ladder. Average property price in London now £460k apparently. Yet the tax is one which the rich with good accountants (Tony Benn) can avoid and the poor (most of us) would not have to pay. It's the "squeezed middle" that end up paying it. It's easy enough to avoid if you trust your kids enough to sign over your house to them when you're 50. If you end up in a "care" home you'll not leave much (if you don't happen to be scotch). But the government make ~ £3b from it which is a tidy sum. So, are UKIP right to want to scrap it, should it be reformed, or as the Fab Four said: "Let It Be"?
How about we just scrap tax altogether and **** all the scabby tramps (^^^) who will suffer as a result? Whose in? Not me as I get £1400 a year child benefit but that offests against my wifes student loan so its win win for this Spider.
I'd keep it. Mind, I donlt stand to inherit anything as i don't speak to my old man and my brother lives round my mums with the missus and 3 kids so i'm hardly going to kick thm out on the streets for a few quid. If things were different i might support scrapping it!
I'm sure most of us look at it from the same point of view: "How does it affect me?". But standing back and thinking: "Good for the country/people or not?", which is what politicians are supposed to do, then what's your opinion?
I would keep it but maybe increase the thresholds or lower the rate or something so it isn't such a massive penalty for people that are just inheriting a 2 bed flat or the like.
Thresholds? There is but one to my knowledge: £325k or thereabouts. That's a pretty large sum to one beneficiary but not so good if you're catholic/muslim/other alien. Perhaps a tax on the beneficiary rather than on the estate would be a better way of doing things. Share the love.
But seriously, inheritance tax should be 100% on any sum above 100k. Share the cash and spread the love.
It would make sense only £100k would be worth very different amounts around Britain: In London it wouldn't be enough to buy the ****tiest flat on the ****tiest estate, a studio flat aka room is about all you could hope for. In the North you could buy a whole street and live off the rent. So a localised Inheritance Tax Threshold should be applied?
stopmeandslapme Firstly - well done for creating a thread that has some 'substance' as a subject. It is a small pity that one or two have failed to appreciate your concerns. It does seem that the political band wagon that is UKIP is being jumped upon by all sorts of people, whom I doubt know of UKIP's policies and costings. Whilst I am interested in some of UKIP's bleatings, I have yet to see their plans for the economics of the Country and, more importantly, how to pay for them. Taxation seems to be necessary - if we do not wish to live in a 3rd World type society. There will always be winners and losers - those who contribute and those who just want to take - you have had a small example of that from the responses thus far. I don't object to paying some taxation - but would prefer it to be fair - as has been said, it is the 'middle' earner that gets squeezed - when those above and below are seemingly unaffected. On the subject of inheritance - my main objection is with the greedy care home owners. I find their fees incredible. How can they justify charging £1000 a week ? It's not as if they are providing individual care - no they have several people in their 'care' - each paying the same - or are they ? I have had the 'privilege' of seeing the quality of food supplied to some of the local care homes in my vicinity - all 'basic' / 'value' standard -- very little cost involved and it makes their fees even more obscene -- but I suppose the charges are high to compensate for those who do not pay for their care -- you know, the sensible ones who have spent the 'wealth' they created for themselves - during their working lives ( whilst being taxed to the hilt in the process ) I have given a good chunk of my money to my sons - so that they can buy their own houses NOW - rather than wait until my wealth has been frittered away to pay for my care later in life. Maybe it wouldn't be a bad idea to have an 'interest only' mortgage - did I hear right yesterday - that Lloyds Bank are offering 'Life' mortgages. This will mean that THEY will own your house once you die. At least it can't be used to pay ridiculously high care home fees.
UKIP want to return us to the olden days with the toffs riding in sedan chairs carried by the poor.Inheritance tax is avoidable if assets are transferred seven years before the death of the owner.A friends wife just inherited £3.5 million from her 90 year old mother.She had lived in Hampstead since 1945 in a house that cost £3000 and just sold for £7million.I bet they transferred that seven years before,but being lefties they won't admit it.
